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Industrial Rev.
| Term | Definition |
|---|---|
| Urbanization | The process which cities grow. People moving from rural to urban areas. |
| Textile | Raw materials used for making fabrics |
| Industrialization | An area or country develops a strong manufacturing sector. |
| Raw Material | Natural material that is used by human industry to create a product. |
| Cottage Industry | Product that is made in steps by different workers in their homes. |
| Factory | An industrial building where workers manufacture goods or supervise machines that produce products. |
| Mass Production | The manufacturing of products on a large scale in factories |
| Entrepreneur | A person who takes the risk of organizing and operating a new business |
| Crop Rotation | The planting of different crops on the same land to improve soil fertility and help control insects and diseases. |
| Socialism | Economic system which the government controls all means of production (the economy), and there is no private ownership of property or business. |
| Economic System | The system of production, distribution, and consumption of goods and services of an economy. Examples: Capitalism, Socialism, Mixed Economies. |
| Traditional Economy | An economic system that usually depends on agriculture as its main production. In this system, traditions, customs, and beliefs often determine its operation. |
| Command Economy | An economic system in which prices and supplies are determined by the government. |
| Market Economy | An economic system in which prices are determined by market prices. |
| Capitalism | An economic system with private ownership of the means of production (like in the US) |
| Patent | Set of exclusive rights granted by the government to an inventor in exchange for a public disclosure of an invention. |
| Free Enterprise | Businesses competing for customers or markets |
| Supply and Demand | How much of something there is and how much something is wanted |
| Laissez-Faire | The idea that government should do nothing for the economy |
| Labor Union | An organization of workers that is set up to protect its members' interests in terms of wages, benefits, working hours and conditions. |
| Strike | When workers stop working in order to make demands on their employer |
Created by:
caisleyhastings
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